CFO of Libertyville auto parts company indicted on embezzlement charges

A former chief financial officer of a north suburban automobile parts company has been indicted on charges he embezzled $700,000 in company funds, according to a news release from the U.S. attorney's office.

Authorities said Michael Puglisi created three shell companies with names that were similar to names of actual vendors of the auto parts company, would deposit checks from the Libertyville-based company into the accounts of the shell companies and from there into his own personal bank or investment accounts.

The 63-year-old Lisle resident was charged with four counts of wire fraud and three counts of money laundering.

The scheme, which caused the company to lose at least $700,000, began in 2013 and continued until earlier this year, authorities said. Puglisi hid the theft by making false statements in the company's accounting reports and financial statements, according to the release.

Each count of wire fraud comes with a sentence of up to 20 years in prison and each count of money laundering comes with a maximum sentence of 10 years.

Puglisi's arraignment has yet to be scheduled in U.S. District Court.